Abbey Group Industrial Services Limited Filleted accounts for Companies House (small and micro)

Abbey Group Industrial Services Limited Filleted accounts for Companies House (small and micro)

ABBEY GROUP INDUSTRIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10868013
ABBEY GROUP INDUSTRIAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
30 September 2018
ABBEY GROUP INDUSTRIAL SERVICES LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 17 JULY 2017 TO 30 SEPTEMBER 2018
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
ABBEY GROUP INDUSTRIAL SERVICES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr N W Connolly
Mr C P Jones
Mr P W Meredith
Mr M O'Brien
Mr J P Wilson
Registered office
Hanover Buildings
11-13 Hanover Street
Liverpool
L1 3DN
Accountants
ERC Accountants & Business Advisers Limited
Chartered accountants
Hanover Buildings
11-13 Hanover Street
Liverpool
L1 3DN
ABBEY GROUP INDUSTRIAL SERVICES LIMITED
CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ABBEY GROUP INDUSTRIAL SERVICES LIMITED
PERIOD FROM 17 JULY 2017 TO 30 SEPTEMBER 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbey Group Industrial Services Limited for the period ended 30 September 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Abbey Group Industrial Services Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Abbey Group Industrial Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Group Industrial Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Abbey Group Industrial Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Group Industrial Services Limited. You consider that Abbey Group Industrial Services Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Abbey Group Industrial Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ERC Accountants & Business Advisers Limited Chartered accountants
Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN
7 March 2019
ABBEY GROUP INDUSTRIAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2018
30 Sep 18
Note
£
£
FIXED ASSETS
Tangible assets
5
32,599
CURRENT ASSETS
Debtors
6
812,313
Cash at bank and in hand
57,613
----------
869,926
CREDITORS: Amounts falling due within one year
7
762,042
----------
NET CURRENT ASSETS
107,884
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
140,483
CREDITORS: Amounts falling due after more than one year
8
33,562
PROVISIONS
1,970
----------
NET ASSETS
104,951
----------
CAPITAL AND RESERVES
Called up share capital
1,001
Profit and loss account
103,950
----------
SHAREHOLDERS FUNDS
104,951
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ABBEY GROUP INDUSTRIAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2018
These financial statements were approved by the board of directors and authorised for issue on 7 March 2019 , and are signed on behalf of the board by:
Mr C P Jones
Director
Company registration number: 10868013
ABBEY GROUP INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 17 JULY 2017 TO 30 SEPTEMBER 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, L1 3DN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 9 .
5. TANGIBLE ASSETS
Motor vehicles
£
Cost
At 17 July 2017
–
Additions
38,165
---------
At 30 September 2018
38,165
---------
Depreciation
At 17 July 2017
–
Charge for the period
5,566
---------
At 30 September 2018
5,566
---------
Carrying amount
At 30 September 2018
32,599
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 September 2018
32,599
---------
6. DEBTORS
30 Sep 18
£
Trade debtors
528,084
Other debtors
284,229
----------
812,313
----------
7. CREDITORS: Amounts falling due within one year
30 Sep 18
£
Trade creditors
221,568
Corporation tax
26,454
Social security and other taxes
56,874
Other creditors
457,146
----------
762,042
----------
Held within other creditors are amounts due within 1 year relating to hire purchase liabilities totalling £6,445.
Hire purchase liabilities are secured against the assets in which they relate.
8. CREDITORS: Amounts falling due after more than one year
30 Sep 18
£
Other creditors
33,562
---------
Held within other creditors are amounts due after 1 year relating to hire purchase liabilities totalling £33,562.
Hire purchase liabilities are secured against the assets in which they relate.
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
No director received advances, credits or guarantees during the current or previous accounting periods.
10. RELATED PARTY TRANSACTIONS
The following related party transactions were undertaken during the year: During the period a director introduced capital of £272,933 and withdraw amounts of £165,277. At the balance sheet date the amount payable to the director totalled £107,656. Dividends were paid to the directors and shareholders in respect of their shareholdings totalling £10,000. During the period, a company under common control received advances of £1,701. At the balance sheet date the amounts owed from this company totalled £1,701. During the period, a company under common control received advances of £131,422 and repaid amounts of £42,909. At the balance sheet date the amounts owed from this company totalled £88,513. During the period a company under common control provided capital of £64,404 and amounts of £5,760 were repaid. At the balance sheet date this company was owed amounts totalling £58,644. During the period, a company under common control provided capital of £247,000 and amounts of £43,459 were repaid. At the balance sheet date this company was owed amounts totalling £203,541. No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.